UBS credit default swaps hit decade high after Credit Suisse blow out

LONDON (Reuters) – The cost of insuring exposure to debt issued by Swiss lender UBS rose to a decade high on Monday after peer Credit Suisse was caught in the market spotlight amid concerns about its ability to revamp its business and bolster its capital.

UBS five-year credit default swaps (CDS) rose 12 basis points from Friday’s close to 118 bps, its highest level since 2013, data from S&P Global Market Intelligence showed.

Credit Suisse CDS last stood at 335 bps, well above Friday’s close of 250 bps but below the 355 bps hit earlier on Monday.

(Reporting by Karin Strohecker; editing by Dhara Ranasinghe)